Piraeus Bank announced that it has entered into an agreement with Eurobank Ergasias for the sale of its shareholding stake (99.98%) in its banking subsidiary in Bulgaria, Piraeus Bank Bulgaria AD (“PBB”), to Eurobank Bulgaria AD.

The transaction represents the final major milestone towards the implementation of Piraeus Bank’s Restructuring Plan commitments, as those were agreed with the Directorate General of Competition of the European Commission.

The transaction is subject to customary conditions, including approvals of the National Bank of Bulgaria and the Hellenic Financial Stability Fund.

Consideration for the shareholding stake amounts to €75mn, while the resulting RWA relief stands at €0.7bn, translating into 15bps increase vs. CET1 level of June 2018. ■